What are the investment strengths of Farmland Partners Inc (FPI)?

Trades at 1.0x P/B with $445M tangible book value and 0.38 debt/equity - hard asset backing provides downside protection in farmland REIT 42% operating margin with 79% gross margin demonstrates pricing power on leased farmland; 14.4% ROE exceeds industry median 8.6%

What are the investment risks for Farmland Partners Inc (FPI)?

Normalized EBITDA $5.7M vs reported $85.5M reveals 93% of earnings from non-recurring items; P/E 26x on inflated earnings masks true valuation Revenue -5% 3Y CAGR with $170M debt at 0.38 D/E; interest expense $10.4M consumes 62% of normalized EBITDA

Farmland Partners Inc

FPI

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Farmland Partners Inc AI Insights

Informational only. Not investment advice.

As of 2026-01-15

Snapshot

Operating margin TTM 42.3% vs industry median 12.3% - 3.4x advantage from asset-light farmland model with minimal cost of revenue (21% of sales)[Operating Margin TTM]
Net margin 130% TTM driven by $63M gain on asset sales - core operations mask one-time boost; normalized EBITDA only $5.7M vs reported $85.5M[Net Margin TTM]
Revenue declining 5% 3Y CAGR while EPS grew 563% 1Y and 35% 3Y CAGR - earnings quality questionable without top-line growth[EPS Growth 1Y TTM]

Watch Triggers

Normalized EBITDA: Falls below $5M or interest coverage <1x — Core operations already marginal; debt service at risk without asset sales
Total Revenue TTM: Continues declining >5% annually — Signals accelerating portfolio liquidation rather than growth strategy
Gain on Sale of PPE: Exceeds $50M annually — Indicates reliance on asset sales for earnings sustainability

Bull Case

Trades at 1.0x P/B with $445M tangible book value and 0.38 debt/equity - hard asset backing provides downside protection in farmland REIT

P/B RatioTangible Book ValueDebt to Equity

42% operating margin with 79% gross margin demonstrates pricing power on leased farmland; 14.4% ROE exceeds industry median 8.6%

Operating Margin TTMGross Margin TTMROE TTM

Bear Case

Normalized EBITDA $5.7M vs reported $85.5M reveals 93% of earnings from non-recurring items; P/E 26x on inflated earnings masks true valuation

Normalized EBITDAP/E RatioGain on Sale of PPE

Revenue -5% 3Y CAGR with $170M debt at 0.38 D/E; interest expense $10.4M consumes 62% of normalized EBITDA

Total Revenue 3Y GrowthInterest Expense TTMTotal Debt

Bull vs Bear Balance

AI-generated sentiment analysis based on fundamental metrics and market conditions.

35%

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Forward Thesis

Asset monetization strategy will exhaust gains, revealing weaker core operations within 12-24 months

1-3ymed

Normalized EBITDA $5.7M vs reported $85.5M (93% gap)
Revenue -5% 3Y CAGR shows shrinking asset base
$4M PPE sales TTM depleting farmland portfolio

Gain on sale PPE -$531K TTMTotal revenue $52.9M decliningFCF $16.8M relies on asset sales

Valuation Context

Caveats

Public Strategies Rankings

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FPI Fundamentals

Finance and Insurance → Securities, Commodity Contracts, and Other Financial Investments and Related Activities

Metric	Value	YoY Growth	Industry Percentile
Market Cap	$462.1M		—
Enterprise Value	$619.02M		—
P/E Ratio	26		—
Total Revenue - TTM	$52.94M	-9.3%	—
Earnings Per Share (diluted) - TTM	$0.40	+563.1%	—
Operating Margin - TTM	42.4%	-2.3%	—
Net Margin - TTM	130%	+98.4%	—
Free Cash Flow - TTM	$16.85M	+94.0%	—
Return on Common Equity - TTM	0.14	+10.8%	—
Beta 5Y (Monthly)	unknown		—

FPI Dividend History

50 dividends

2026

$0.0600

01/02/26$0.0600

2025

$0.4400

12/23/25$0.2000

10/01/25$0.0600

07/01/25$0.0600

04/01/25$0.0600

01/02/25$0.0600

2024

$1.3300

12/23/24$1.1500

10/01/24$0.0600

07/01/24$0.0600

03/28/24$0.0600

2023

$0.4500

12/29/23$0.0600

12/28/23$0.2100

09/29/23$0.0600

06/30/23$0.0600

03/31/23$0.0600

2022

$0.2300

12/29/22$0.0600

09/29/22$0.0600

06/30/22$0.0600

03/31/22$0.0500

2021

$0.2000

12/31/21$0.0500

09/30/21$0.0500

06/30/21$0.0500

03/31/21$0.0500

2020

$0.2000

12/30/20$0.0500

09/30/20$0.0500

06/30/20$0.0500

03/31/20$0.0500

2019

$0.2000

12/30/19$0.0500

09/30/19$0.0500

06/28/19$0.0500

03/29/19$0.0500

2018

$0.3550

12/28/18$0.0500

09/28/18$0.0500

06/29/18$0.1275

03/29/18$0.1275

2017

$0.5100

12/29/17$0.1275

09/29/17$0.1275

06/28/17$0.1275

03/30/17$0.1275

2016

$0.5100

12/28/16$0.1275

09/28/16$0.1275

06/29/16$0.1275

03/30/16$0.1275

2015

$0.4985

12/30/15$0.1275

09/29/15$0.1275

06/29/15$0.1275

03/30/15$0.1160

2014

$0.3260

12/30/14$0.1160

09/29/14$0.1050

06/27/14$0.1050

FPI Stock Splits

No stock splits

FPI SEC Filings

Filing Date	Report Date	Report Type	Filing Link
10/30/25	09/30/25	10-Q	0001104659-25-104363
07/24/25	06/30/25	10-Q	0001558370-25-009534
05/08/25	03/31/25	10-Q	0001558370-25-006962
02/20/25	12/31/24	Unknown	0001558370-25-001214
10/31/24	09/30/24	10-Q	0001558370-24-014053
07/25/24	06/30/24	10-Q	0001558370-24-010177
05/01/24	03/31/24	10-Q	0001558370-24-006380
02/29/24	12/31/23	10-K	0001558370-24-002182
10/26/23	09/30/23	10-Q	0001558370-23-016849
07/27/23	06/30/23	10-Q	0001558370-23-012406
05/04/23	03/31/23	10-Q	0001558370-23-008106
02/23/23	12/31/22	10-K	0001558370-23-001912
10/26/22	09/30/22	10-Q	0001558370-22-015400
07/28/22	06/30/22	10-Q	0001558370-22-011258
05/05/22	03/31/22	10-Q	0001558370-22-007415
03/01/22	12/31/21	10-K	0001558370-22-002442
10/28/21	09/30/21	10-Q	0001558370-21-013765
08/06/21	06/30/21	10-Q	0001558370-21-010766
05/14/21	03/31/21	10-Q	0001558370-21-007251
03/19/21	12/31/20	10-K	0001558370-21-003254
11/09/20	09/30/20	10-Q	0001558370-20-013338
08/10/20	06/30/20	10-Q	0001558370-20-010212
05/08/20	03/31/20	10-Q	0001558370-20-006042
03/13/20	12/31/19	10-K	0001558370-20-002626
11/12/19	09/30/19	10-Q	0001558370-19-010848
08/08/19	06/30/19	10-Q	0001558370-19-007720
05/09/19	03/31/19	10-Q	0001558370-19-004663
03/15/19	12/31/18	10-K	0001558370-19-002049
11/09/18	09/30/18	10-Q	0001558370-18-009118
08/09/18	06/30/18	10-Q	0001558370-18-006908
05/10/18	03/31/18	10-Q	0001558370-18-004644
03/05/18	12/31/17	10-K	0001558370-18-001471
11/09/17	09/30/17	10-Q	0001558370-17-008697
07/21/17	06/30/17	10-Q	0001558370-17-005227
05/10/17	03/31/17	10-Q	0001558370-17-004040
02/23/17	12/31/16	10-K	0001558370-17-000878
11/07/16	09/30/16	10-Q	0001558370-16-009522
08/09/16	06/30/16	10-Q	0001558370-16-007704
05/10/16	03/31/16	10-Q	0001558370-16-005834
03/15/16	12/31/15	10-K	0001558370-16-004168
11/12/15	09/30/15	10-Q	0001558370-15-002606
08/11/15	06/30/15	10-Q	0001558370-15-001594
05/08/15	03/31/15	10-Q	0001558370-15-000849
03/03/15	12/31/14	10-K	0001558370-15-000260
10/31/14	09/30/14	10-Q	0001104659-14-075554
08/13/14	06/30/14	10-Q	0001104659-14-060409
05/20/14	03/31/14	10-Q	0001104659-14-040237
04/14/14	12/31/13	424B4	0001047469-14-003753
10/31/14	09/30/13	10-Q	0001104659-14-075554
08/13/14	06/30/13	10-Q	0001104659-14-060409
05/20/14	03/31/13	10-Q	0001104659-14-040237